5 issues to know earlier than the inventory market opens Thursday, June 23


Listed here are a very powerful information, tendencies and evaluation that buyers want to begin their buying and selling day:

1. Shares set for greater open as Wall Avenue tries for an additional rebound

U.S. stock futures rose Thursday after an try at a rebound fizzled the day earlier than, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all edging lower on the shut. For all of final week, the S&P 500 noticed its worst weekly efficiency since March 2020, the month the Covid pandemic was declared. Rising concern on Wall Avenue a few recession because of the Federal Reserve’s stepped-up struggle towards inflation has been gutting shares, with the S&P 500 confirming earlier this month {that a} bear market started in early January.

2. Powell is again on Capitol Hill after saying a recession is feasible

Fed Chairman Jerome Powell goes again to Capitol Hill on Thursday for Day Two of his semiannual testimony on financial coverage. He seems earlier than the Home Monetary Companies Committee, sooner or later after telling the Senate Banking Committee on Wednesday that the central financial institution has the “resolve” to tame inflation that is surged to 40-year highs. Powell additionally instructed senators Wednesday that he believes the economic system is powerful now however acknowledged a recession could happen.

  • Cash fleeing shares resulting from recession fears has been piling into bonds just lately, pushing costs up and yields down. The 10-year Treasury yield dropped Thursday to simply over 3.1%, its lowest level in nearly two weeks. The benchmark yield topped 2011 highs close to 3.5% final week after the Fed’s largest rate of interest hike since 1994 and an preliminary pop in shares.

3. United plans to briefly reduce flights departing Newark airport

A United Airways passenger airplane is touchdown on Newark Liberty Worldwide Airport in Newark, New Jersey, on January 19, 2022.

Tayfun Coskun | Anadolu Company | Getty Photos

United Airlines will announce Thursday a temporarily reduction of about 50 day by day home departures from its Newark, New Jersey, airport hub, beginning July 1, to handle congestion and as issues mount over cancellations. The summer season cuts signify 12% of United’s 425 day by day flights at Newark, one of many three main airports close to New York Metropolis. The airline instructed Reuters the modifications will not end result within the provider exiting any markets. In the meantime, American Airlines plans to drop service to 4 U.S. cities in September, together with Dubuque, Iowa, which can lose scheduled industrial air service altogether.

4. Large Oil summoned to the White Home for an emergency gasoline costs assembly

US President Joe Biden delivers remarks on efforts to decrease excessive gasoline costs within the South Courtroom Auditorium at Eisenhower Govt Workplace Constructing June 22, 2022 in Washington, DC.

Jim Watson | AFP | Getty Photos

Main U.S. oil refiners will meet with U.S. Vitality Secretary Jennifer Granholm and different Biden administration officers Thursday about the way to decrease record-high gasoline costs squeezing American shoppers. The emergency assembly comes sooner or later after President Joe Biden referred to as for a federal gasoline tax vacation that appeared lifeless on arrival on Capitol Hill. The gathering additionally follows weeks of Biden bashing Large Oil for reaping enormous income from a gas provide crunch exacerbated by Russia’s invasion of Ukraine.

5. Russia’s forex jumps to 7-year highs, simply months after collapsing

A Russian ruble coin is pictured in entrance of St. Basil’s cathedral in central Moscow, on April 28, 2022.

Alexander Nemenov | AFP | Getty Photos

Russia’s ruble rose to its strongest levels since May 2015, with 53.4 rubles shopping for $1 on Thursday, a rise of roughly 2% from the earlier session. That is a world away from the Russian forex’s plunge to 139 to the greenback in early March, when the U.S. and European Union began rolling out unprecedented sanctions on Moscow in response to its invasion of Ukraine. The Kremlin pointed to the ruble’s gorgeous surge just lately as “proof” that Western sanctions aren’t working.

— CNBC’s Peter Schacknow, Tanaya Macheel, Sarah Min, Pippa Stevens, Jeff Cox, Sam Meredith and Natasha Turak in addition to Reuters contributed to this report.

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